Tenet Healthcare (NYSE:THC) Lowered to “Equal Weight” Rating by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Tenet Healthcare (NYSE:THC) from an overweight rating to an equal weight rating in a research report released on Monday, MarketBeat reports. They currently have $150.00 target price on the stock, down from their prior target price of $205.00.

A number of other analysts have also weighed in on the company. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Cantor Fitzgerald upped their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Raymond James cut shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a report on Friday, November 22nd. Royal Bank of Canada boosted their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Barclays upped their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $168.19.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $141.94 on Monday. The firm has a market cap of $13.50 billion, a P/E ratio of 4.59, a P/E/G ratio of 0.64 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. Tenet Healthcare has a one year low of $65.90 and a one year high of $171.20. The firm’s 50 day moving average price is $158.21 and its 200-day moving average price is $148.45.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. Tenet Healthcare’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.44 EPS. As a group, equities research analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Buying and Selling

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of institutional investors have recently added to or reduced their stakes in THC. Franklin Resources Inc. lifted its holdings in shares of Tenet Healthcare by 11.9% in the 3rd quarter. Franklin Resources Inc. now owns 457,704 shares of the company’s stock valued at $71,077,000 after buying an additional 48,580 shares during the period. Sanctuary Advisors LLC lifted its holdings in Tenet Healthcare by 470.5% in the third quarter. Sanctuary Advisors LLC now owns 15,289 shares of the company’s stock valued at $2,541,000 after acquiring an additional 12,609 shares during the period. Arete Wealth Advisors LLC purchased a new stake in shares of Tenet Healthcare during the 3rd quarter worth $363,000. Coldstream Capital Management Inc. increased its holdings in shares of Tenet Healthcare by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock valued at $566,000 after purchasing an additional 74 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Tenet Healthcare by 23.6% in the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after purchasing an additional 390,316 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.